Full Year 2024 IDP Education Ltd Earnings Call Transcript
Key Points
- IDP Education Ltd (ASX:IEL) achieved a record financial performance, surpassing $1 billion in revenue for the first time, reflecting a 6% increase from the prior year.
- The student placement business line saw exceptional performance with placement volumes up 17%, indicating strong market share gains.
- English language teaching continued its solid growth trajectory, with courses up 13%, surpassing 100,000 courses for the first time.
- Revenue from other student placement services grew by 21%, driven by the inclusion of peer-to-peer services from the TAP acquisition.
- The company maintained a disciplined approach to cost management, keeping total direct costs flat and achieving an 8% growth in gross profit.
- Adjusted net profit was down slightly at $154 million due to higher interest charges and a higher effective tax rate.
- IELTS volumes were down 18%, primarily due to weakness in the Indian market, which was only partially offset by growth in other regions.
- Revenue from English language testing decreased by 11%, reflecting lower IELTS volumes despite higher prices across the network.
- The company expects a decline in international student volumes by 20% to 25% in FY25 due to policy changes and regulatory uncertainties in key markets.
- The impact of recent policy changes and visa processing adjustments will take time to quantify, adding uncertainty to the short-term outlook.
' -
Good morning, everyone, and thanks for joining the call. I'm joined today by Craig Mackey, who as you all know is our Director of Corporate Development and Investor Relations. As we announced in late March, we have appointed Kate Koch as CFO. We look forward to Kate commencing with us in early October as planned.
We're pleased today to be presenting our financial year '24 results. Craig and I will be taking you through these results by referring to the presentation we lodged with the exchange this morning. We'll talk in detail to the operational and financial outcomes for FY24.
We'll refresh you on the dynamics in the industry and our strategy to maximize IDP's growth and leadership position. And at the end of the presentation, we will, of course, be happy to take questions as usual.
Okay, let's get into it. Turning now to slide 5 of the investor presentation. We're proud of the results for our FY24, which we believe showed a strong set of numbers and
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
